Week 21 – Rates held and Oct numbers are in!

🏡 **Week 21 – Rates held and Oct numbers are in!* 📊

Hey, everyone! Welcome back to our 21st weekly update. Your ongoing support means a lot, so thank you! If you haven’t already, consider subscribing to our YouTube page, liking, and sharing to help us reach more people with valuable weekly insights. Click the video above to watch.

🏦 **Bank of Canada Update: Rates Held**

Good news! The Bank of Canada is maintaining interest rates. This decision aligns with the recent decrease in inflation rates, and the state of the economy. However, talks circulate about potential rate cuts by 100-150 points next year, aiming for around 2.75-3.00% within 2025. This caution is essential to prevent a housing market surge.

📉 **Monthly Numbers: TRREB Insights**

TRREBB data shows a stable market. Average prices remain flat, with a 4% drop from October. Sales decrease by 6% YoY and 9% MoM. Active listings rise YoY by almost 40%, but MoM sees a 15% decline, reflecting terminations of all home types a little earlier than usual. Despite the 40% surge making headlines, the active listing situation is more nuanced.

🏠 **Area-Specific Insights:**

**Downtown & Surroundings:**

– Active listings continue to decrease, especially in condos.

– Condo sales, though fewer, indicate potential opportunities for cash buyers.

– Prices decreasing in freeholds, while condos see an increase.

**Don Mills:**

– Market stability with slight decreases in active listings and sales.

– Condo days on the market relatively high at 45.

**Leaside, Mount Pleasant, Young & Eglinton:**

– Stability in both freehold and condo markets.

– A decrease in active listings on the freehold side.

**Durham Area:**

– Decline in active listings for both freehold and condos.

– Slight decrease in active listings on both sides.

💡 **Insights and Trends:**

– Despite the drop in inflation, mortgage affordability remains a challenge.

– Stats reveal a 54% affordability rate, the highest in over 30 years.

– Year-end projections hint at the market remaining balanced, but caution is advised.

🌐 **Market Dynamics:**

– Year-over-year, detached prices remain flat overall.

– 416 sees a 3.5% YoY decrease, impacting the detached market.

– Condo market remains flat, with a notable 6% YoY increase in the 905 area.

🔍 **Weekly Updates:**

– Active listings continue to decline across all areas.

– Condo sales, though slightly fewer, reflect ongoing buyer interest.

– Spring market expectations include an uptick in listings, especially with potential rate cuts.

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Thanks for staying tuned! 🏠✨

                                                                                                                     WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$ 1,668,262    WB – 1,359,636

Active Listings – 592      WB-661

Sold firm –39      WB- 33

Month on inventory – 2.54         WB- 2.85

Average Days on Market-26      WB-22

Condo Ave Price-$766,792     WB- $857,728

Active listings-2,477     WB- 2,674

Sold firm-54     WB –72

Months of Inventory- 4.71    WB – 5.04

Average days on market-29        WB-33

Don Mills Area-  

Housing Average Price- $2,361,750    WB – 1,698,000

Active Listings – 71    WB- 84

Sold firm –4       WB – 5

Month of Inventory – 3.80     WB- 4.75

Average Days on Market- 31      WB- 30

Condo Ave Price- $840,000     WB – $703,375

Active listings- 92      WB – 100

Sold firm- 1     WB – 4

Months of Inventory – 3.57    WB- 3.71

Average days on market- 11      WB – 45

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $1,811,194     WB – $1,900,688

Active Listings – 138     WB-155

Sold firm – 8      WB- 8

Months of Inventory- 2.88        WB- 3.21

Average Days on Market- 18   WB – 19

Condo Ave Price- $851,917      WB- $700,001

Active listings-316    WB-324

Sold firm-6       WB-7

Month of Inventory- 4.15     WB- 4.29

Average days on market- 16       WB – 32

Durham ( Pickering, Ajax, Whitby) 

Housing Average Price- $885,528    WB – $906,206

Active Listings – 1,508    WB- 1,593

Sold firm – 67     WB – 111

Month of Inventory – 2.40     WB- 2.53

Average Days on Market- 21      WB- 20

Condo Ave Price- $594,538     WB – $562,400

Active listings- 270      WB – 293

Sold firm- 13     WB – 15

Months of Inventory – 2.49    WB- 2.72

Average days on market- 46      WB – 23

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